EFCC raises alarm over foreign cybercrime syndicates recruiting Nigerian youths

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has raised concerns over the increasing presence of foreign fraud syndicates in Nigeria, warning that these groups are actively recruiting young Nigerians into sophisticated cybercrimes, including cryptocurrency fraud.

Olukoyede made this revelation on Wednesday while receiving participants from the Executive Intelligence Management Course (EIMC 18) of the National Institute for Security Studies (NISS) at the EFCC headquarters in Abuja.

He highlighted the alarming trend of bandits and insurgents sustaining their activities through illicit financial flows, including arms smuggling and illegal mining operations.

However, he pointed out a new and troubling dimension—foreign fraud syndicates establishing bases in Nigerian cities.

The EFCC chairman disclosed that recent investigations revealed a strong link between cybercrime and the illegal importation of arms, facilitated through cryptocurrency transactions.

“We are beginning to see the likelihood that many of these individuals are involved in the illegal importation of arms, using cryptocurrency as a means of payment. This is an area that must interest all of us,” Olukoyede stated.

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He also detailed a major operation in Lagos, where the EFCC arrested 194 foreigners—including Chinese, Filipinos, Eastern Europeans, and Tunisians—operating from a single building in Victoria Island.

“Many of them lacked valid visas, and their financial transactions were predominantly conducted using cryptocurrency.

“Some of the foreigners we arrested were already ex-convicts in their countries. They fled and found safe haven in Africa, not only in Nigeria. Our investigations indicate that they are expanding their networks to other African countries,” he added.

Olukoyede also emphasized the need for collective action at both national and continental levels to address the growing menace of cybercrime and its links to money laundering and national security threats.

“All security, intelligence, and law enforcement organizations in Nigeria and Africa must collaborate to tackle this challenge,” he urged.

He also expressed concerns over the role of non-state actors in exacerbating Nigeria’s security challenges, including insurgency, banditry, and kidnapping.

He noted that the EFCC had placed local and international NGOs operating in conflict zones under scrutiny, requiring them to register with the Special Control Unit Against Money Laundering (SCUML) to monitor financial transactions in such areas.

Joseph Odama, Commandant of NISS, represented by Hyginus Ngele, Director of Studies, commended Olukoyede for his leadership in tackling financial crimes.

“Your Commission’s efforts have not only strengthened Nigeria’s integrity but also serve as a model for other African nations,” Odama stated.

He acknowledged the EFCC’s role in uncovering financial networks that fund hostile non-state actors and urged greater regional collaboration to strengthen legal frameworks against such activities.

The NISS delegation included 74 senior officers from Nigeria’s intelligence, military, and law enforcement agencies, alongside representatives from Ghana, Somalia, Rwanda, and The Gambia.

Their visit was part of EIMC 18, themed “Non-State Actors in Security Management: Issues, Challenges, and Prospects for Peace and Development in Africa.”

The session featured discussions led by top EFCC officials, including Daniel Isei, Director of SCUML and Sylvanus Tahir, Director of Legal and Prosecution, who provided insights into the Commission’s anti-corruption efforts.